An option to acquire a 100% interest in a 2-claim unit, 3,000-acre gold prospect in northwestern Manitoba has been obtained by Goldbrae Developments of Richmond, B.C.
The company has agreed to spend $250,000 on exploration work over a 3-year period on the property, which is located 34 km west of Snow Lake. Current sampling, the company says, has returned high grade values.
An extensive geophysical program including vlf, ip and magnetometer surveys to develop drill targets is planned.
An area of specific interest is a previously untested 2,600 ft of quartz-injected shear zone that runs down dip and plunges from a shaft constructed in the mid-1930s.
The Snow Lake Scarth prospect is Goldbrae’s second northern Manitoba project. The company has a 30% interest in a joint venture with Westfield Minerals near Flin Flon, Man., where, it says, a significant gold-related massive sulphide deposit was discovered late in 1987.
Preliminary drilling at this Big Island Lake project intersected at least two zones of up to 25 ft true width, Goldbrae reports. Nine of the first 12 holes encountered major mineralization, with one of the holes returning 40.6 f t of 0.17 oz gold, 2.73 oz silver, 0.58% copper and 22.4% zinc.
Goldbrae, which estimates flow- through expenditures at the project to the end of February will total $775,000, was set to resume its exploration work at the site by the middle of this month. The company says it hopes to be able to add a third drill to the work party.
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